The £50 million renovation of Wolverhampton city centre is back in motion after funding issues were ironed out. The plans include bringing a new cinema, shopping experience, restaurants and family leisure attractions and multi-storey car park to the city centre.
A deal struck between City of Wolverhampton Council and property developers Urban&Civic has created a new financial model so work on the Westside leisure scheme can forge ahead.
Westside is expected to create 300 new jobs as well as add an estimated £6.5 million a year to the local economy.
Shovels will break ground and start construction on the project later on this year. Work is likely to be completed by 2022.
Philip Leech, property director for Urban&Civic, added: “The agreement of City of Wolverhampton Council to support this important leisure project is a massively positive initiative.
“As a result of this decision and working closely with the council we will be able to finalise the strong occupier interest with a view to commencing on site within a year.
“This exciting scheme will bring much-needed leisure facilities to Wolverhampton city centre and in the coming weeks we will be in a position to announce the major international cinema brand that will anchor the project, as well as other well-known leisure outlets.”
Councillor John Reynolds, cabinet member for City Economy, added: “Urban&Civic have an excellent track record in delivering comparable high-quality schemes in the UK, which is why we are confident in taking this new route to back it financially.
“It is a vital scheme for the City of Wolverhampton and there is general enthusiasm around Westside.
“The proposals put forward by Urban&Civic perfectly meet our expectations of a regenerated Wolverhampton and will provide a leisure offer befitting of a city.
“It forms part of the groundswell of regeneration activity across the city, where £3.7 billion of investment is on site or in the pipeline – and again shows effective working with the private sector to unlock investment capital at a time of government funding cuts for all councils.
“Westside is a critical part of how we are re-imagining and re-inventing our city centre, along with great connectivity, great public spaces, great new homes, a great leisure and sporting offer, vibrant events, outstanding arts and culture, and a thriving commercial district.
“Together, this will create new opportunities for our residents and drive greater visitor footfall to make it a city centre we can all be proud of.”